In a third-quarter 2017 report, refinanced Spanish gambling firm Grupo Codere continued its corporate recovery, mainly due to growth in its Mexican and Spanish divisions.
Grupo Codere increased its footprint within the Mexican gambling market by completing the acquisition of joint-venture casino operator Grupo Codere SA for a further $29.5 million buyout.
In its Spanish home market, Codere increased launched new advertising campaigns for its digital gambling services. The company plans to launch a new online betting portal for the newly regulated Colombian online gambling market in the next few months.
For the third quarter, Grupo Codere posted group operating profits of $472.7 million, up 3 percent over $460 million in third quarter 2016.
The company also posted a period adjusted operating EBITDA of $80.6 million above its guidance expectations, despite adverse currency impacts in its business territories of Argentina, Panama and Colombia.
Codere governance declared group operating profits of $47 million, combined with an improved net operating income of $10.25 million.
Year-to-date, Codere has generated corporate operating profits of $124 million compared to $41.25 million in 2016, combined with a group net income of $9.8 million, recovering from the $1.41 billion loss recorded during 2016 due to a debt refinancing agreement.
Codere stated its current long-term corporate debt is $943 million; it lowered interest expenses to $65 million in 2017.
